African insurers shift from risk aversion to innovation

Ghana

Sam Norman Sali and Vincent Sali, managing directors of Visal Re and Visal Insurance, talk to The Energy Year about expanding their energy portfolio through technical advisory work and digital reinsurance innovation.

Visal is a Ghana-based insurance and reinsurance brokerage specialising in energy, power, commercial and marine risk placement.

Capacity constraints are emerging in energy insurance as providers retreat from oil and gas exposure, creating coverage gaps that are giving rise to new risk structures blended with green incentives to attract interest. Sustainability considerations are directly reshaping underwriting appetite.
Africa’s insurance market is at a turning point where regional hubs and local capacity-building are critical to retaining premium capital and supporting economic growth.
Digitalisation and AI are rapidly becoming core to insurance and reinsurance services in Ghana. Firms that invest in scalable platforms and automated analysis are likely to gain a competitive edge, especially in complex sectors such as energy.

Can you give us an overview of Visal Insurance and how you contribute to the insurance and reinsurance markets in Ghana?
Sam Norman SALI: Over the past decade, Visal has evolved into a specialised insurance and reinsurance broker with a strong footprint in Ghana and across West Africa. Since expanding into full broking in 2014 and adding reinsurance capabilities in 2018, we’ve focused on building technical capacity, strengthening our regional reach and supporting high-value sectors such as energy, power and infrastructure. Today, we play a key role in structuring complex risks and connecting Ghanaian clients with regional and international reinsurance markets. We are focusing on becoming an insurtech company powered by robust systems to deliver smart, scalable and efficient services.

What has been your experience and focus in the energy industry?
SNS: While our direct involvement in oil and gas risk placement has been limited, we’ve developed strong advisory capabilities for clients in that sector. We’ve invested heavily in internal capacity building to handle the technical demands of the oil and gas space, culminating in our participation in Ghana’s energy insurance programme.
We now advise clients on appropriate limits and methodologies. Oil production might start the year at 98 bopd but increase to 110 bopd mid-year; if your insurance only covers 98 bopd, you are exposed. We help clients structure programmes to reduce exposure to production changes. Between 60 and 70% of our income comes from the energy and power sectors. The remaining 30% of our business is in manufacturing, commercial property and marine sectors.

Given recent developments in Ghana’s upstream oil sector, what opportunities do you see for growth in your energy portfolio?
SNS: Economic development in Ghana is increasingly driven by oil and gas. The discovery of new onshore fields is a huge opportunity for us – both financially and technically – enabling us to expand our expertise in onshore risk and generate new revenue streams.
We’re also exploring green-focused insurance products. For example, oil companies that plant trees could receive premium discounts via carbon credit endorsements. We’re developing this model for rollout by 2026. It requires monitoring and co-ordination with government reserves, but it’s a sustainable path we believe in. Implementation challenges include ensuring planted trees are maintained. If we succeed, this could become a benchmark for sustainable practices.

Vincent SALI: Additionally, this initiative ties into Ghana’s local content policy. By involving locals in reforestation projects, we support sustainability goals and create employment opportunities.

What are the most pressing risks and trends facing the energy insurance market in Ghana today?
SNS: One key trend is global insurers withdrawing from oil and gas coverage due to environmental commitments such as the Nairobi Declaration. Oil and gas are high-capacity risks, and with fewer insurers willing to provide capacity, clients could be left uninsured. Merging oil and gas coverage with green incentives makes risks more attractive to environmentally committed insurers.

Tell us about your digital reinsurance platform placeIT, your investment strategy in technology and how this supports your 2026 goals.
SNS: Reinsurance has long relied on slow, paper-based exchanges, and placeIT was designed to change that. It provides a real-time digital environment where insurers can submit risks and receive reinsurance support instantly – a major advantage for high-capacity sectors such as energy and power. We’ve processed more than 800 placements and aim to reach 1,500 by the end of 2026.
Our investment in this technology is substantial because we see it as the future of broking. Algorithms never sleep, and traditional methods cannot match systems that provide 24/7 analysis and support. We’re also developing AI tools to interpret complex policies faster and more accurately. Looking ahead to 2026, our focus is on scaling placeIT, strengthening its AI capabilities and staying agile – continuously adapting our platform to what insurers and energy clients need most.

How does your Mauritius expansion fit into your international growth strategy?
SNS: Mauritius remains one of the few IFC triple-A-rated countries in Africa, giving us regulatory credibility. This helps us support international businesses that rely on an understanding of economic outlooks for decision making. It also enables us to provide tailored services for Chinese investors in Africa, particularly in the energy space. We’ve created a Chinese desk to serve this growing demand.

VS: Mauritius also plays a broader strategic role for Africa. We view it as a premium hub for the continent – just as London is for the global insurance market. Too much African premium capital currently exits the continent. By positioning Mauritius as a central reinsurance base, we can retain more capital regionally while offering credible, stable solutions to international markets.

What is your final message to African and international stakeholders about transforming insurance in the region?
SNS: Insurance in Africa must be reimagined. Emerging technologies and risks – such as self-driving cars – require new underwriting models. Traditional methods won’t suffice. The time to innovate is now, not later. Africa should shift from risk aversion to innovation acceleration. We’re proud to be leading that transformation.

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